Singapore Real Estate
Cuscaden Peak Investments, UE sell Seletar Mall for S$550 million to Allgreen Properties
Allgreen Properties has bought The Seletar Mall from Cuscaden Peak Investments and United Engineers (UE) for S$550 million. The announcement on Thursday (Mar 7) confirms a report by The Business Times in January 2024 that Allgreen was in exclusive due diligence to buy the mall, which is located in the Sengkang West area.
https://www.businesstimes.com.sg/property/cuscaden-peak-investments-ue-sell-seletar-mall-s-550-million-allgreen-properties
https://www.straitstimes.com/business/seletar-mall-sold-for-550-million-to-allgreen-properties
Can your home fetch more if it is on an ‘auspicious’ floor?
You would think that if your home is on the 44th floor, it would command a better price than say a similar unit on the 38th floor. In reality, that’s only half the story because in the Chinese culture, numerology is important as auspicious sounding numbers like 38 are believed to bring good luck or have special significance.
https://www.straitstimes.com/business/invest/can-your-home-fetch-more-if-it-is-on-an-auspicious-floor
Singapore Economy & Budget 2024
Parliament approves S$131.4b Budget, provides ‘clear action plan’ to take Singapore into the future
Singapore: Parliament approved the S$131.4 billion (US$98.3 billion) Budget for this year on Thursday (Mar 7), after nine days of debate. This is the first time in three years that Members of Parliament from the ruling People’s Action Party and opposition parties have explicitly expressed their support for a Budget, noted Speaker of Parliament Seah Kian Peng in his closing speech.
https://www.channelnewsasia.com/singapore/budget-2024-passed-parliament-indranee-rajah-select-committees-4177821
https://www.straitstimes.com/singapore/politics/amid-greater-unpredictability-mps-unanimously-support-1314b-budget-to-take-s-pore-forward-with-optimism
New Bill gives MAS wider investigative, supervisory powers over financial services sector
Singapore – The Monetary Authority of Singapore (MAS) will have wider investigative and supervisory powers over the financial industry, with a new Bill passed in Parliament on March 7.
https://www.straitstimes.com/singapore/politics/mas-to-have-wider-investigative-powers-over-financial-services-sector-with-new-bill
https://www.channelnewsasia.com/singapore/parliament-passes-bill-enhance-mas-investigative-powers-over-financial-sector-4177541
BT Explains: Has MAS policy tightening hurt Singapore exports?
HAS Singapore’s export competitiveness been hurt by the strong Singapore dollar appreciation in recent years, and was this enabled by the tightening of monetary policy? In response to such concerns, the Monetary Authority of Singapore’s (MAS) stance is that export weakness has other causes – and even if it had not raised the nominal exchange rate, the Singapore dollar would effectively still have appreciated in real terms.
https://www.businesstimes.com.sg/singapore/bt-explains-has-mas-policy-tightening-hurt-singapore-exports
Forget business as usual – transformation is the new normal
Electrolux is shutting its Singapore regional headquarters, while Tetra Pak will close its Singapore factory, with 300 workers affected. Meanwhile, retrenchments in the Republic more than doubled to 14,320 last year. Some may wonder if Singapore is losing its mojo, or if we are being priced out of the competition, with our value eroded because of constraints in manpower and land.
https://www.businesstimes.com.sg/opinion-features/forget-business-usual-transformation-new-normal
Singapore Indoor Stadium to make way for new ‘best-in-class’ indoor arena
The Kallang Alive precinct is poised for an exciting addition with the construction of a new indoor arena that will replace the Singapore Indoor Stadium, which has stood for over three decades. The plan for a new facility was unveiled by Minister for Culture, Community and Youth Edwin Tong during the parliamentary debate on his ministry’s budget on Thursday (Mar 7).
https://www.businesstimes.com.sg/singapore/singapore-indoor-stadium-make-way-new-best-class-indoor-arena
https://www.straitstimes.com/singapore/politics/singapore-indoor-stadium-to-make-way-for-new-best-in-class-indoor-arena
https://www.todayonline.com/singapore/singapore-indoor-stadium-replace-new-arena-2376181
https://www.channelnewsasia.com/singapore/indoor-stadium-new-arena-kallang-mccy-4176951
Business News
Hongkong Land sinks into red with full-year loss of US$582 million
Property developer Hongkong Land fell into the red for the financial year ended Dec 31, 2023, posting a full-year loss of US$582.3 million, from a US$202.7 million profit the year before.
https://www.businesstimes.com.sg/companies-markets/hongkong-land-sinks-red-full-year-loss-us-582-million
https://www.theedgesingapore.com/capital/results/hongkong-land-takes-writedown-office-properties-incurs-us582-million-loss-fy2023
Mandarin Oriental posts underlying profit of US$81 million for FY2023
Hotelier Mandarin Oriental International posted an underlying profit of US$81 million for FY2023, up from US$7.6 million a year ago. This translates to a full-year underlying profit growth of 966 per cent.
https://www.businesstimes.com.sg/companies-markets/mandarin-oriental-posts-underlying-profit-us-81-million-fy2023
Views, Reviews, Forum and Others
Su Wenqiang set to be first accused in S$3b money laundering case to plead guilty on Apr 2
A date has been set for one of the 10 accused in Singapore’s largest money laundering case to plead guilty. Su Wenqiang, 32, a Cambodian national, is scheduled for a plead guilty mention on April 2. According to court records, he is expected to appear via video link.
https://www.businesstimes.com.sg/singapore/su-wenqiang-set-be-first-accused-s-3b-money-laundering-case-plead-guilty-apr-2
https://www.straitstimes.com/singapore/courts-crime/su-wenqiang-set-to-be-first-accused-in-3b-money-laundering-case-to-plead-guilty-on-april-2
https://www.channelnewsasia.com/singapore/billion-dollar-money-laundering-man-first-plead-guilty-su-wenqiang-4177886
https://www.scmp.com/news/asia/southeast-asia/article/3254553/chinese-suspect-plead-guilty-singapores-multibillion-dollar-money-laundering-case
Jail for man linked to purchase of 3 houses worth over S$6m, bought on Chinese national’s behalf
A Singaporean man was involved in the purchase of three houses in East Coast Road worth more than S$6 million in total and a Chinese national was the one who had paid for the landed properties, the court heard.
https://www.businesstimes.com.sg/property/jail-for-man-linked-to-purchase-of-3-houses-worth-over-s-6m-bought-on-chinese-national-s-behalf
Global Economy & Real Estate
Fed’s Powell says aware of policy risks to workers, but cuts depend on inflation
https://www.businesstimes.com.sg/international/fed-s-powell-says-aware-policy-risks-workers-cuts-depend-inflation
https://www.straitstimes.com/business/economy/us-rate-cuts-can-and-will-start-in-2024-if-trends-continue-fed-chair-tells-lawmakers
OECD sees total bond debt to rise in 2024 on tightening financial conditions
https://www.businesstimes.com.sg/international/oecd-sees-total-bond-debt-rise-2024-tightening-financial-conditions
US trade deficit widens in January on imports
https://www.businesstimes.com.sg/international/us-trade-deficit-widens-january-imports
US Q4 worker productivity growth unrevised
https://www.businesstimes.com.sg/international/us-q4-worker-productivity-growth-unrevised
US weekly jobless claims unchanged
https://www.businesstimes.com.sg/international/us-weekly-jobless-claims-unchanged
StorHub pumps US$300 million into Australian expansion plan, snaps up 5 assets
https://www.businesstimes.com.sg/property/storhub-pumps-us-300-million-australian-expansion-plan-snaps-5-assets
Australia’s trade surplus widens to A$11 billion in January
https://www.businesstimes.com.sg/international/australia-s-trade-surplus-widens-11-billion-january
China forex reserves unexpectedly rise to US$3.226 trillion in Feb
https://www.businesstimes.com.sg/international/global/china-forex-reserves-unexpectedly-rise-us-3.226-trillion-feb
China should establish property presale fund to support developers, says former central bank chief
https://www.businesstimes.com.sg/property/china-should-establish-property-presale-fund-support-developers-says-former-central-bank-chief
China’s export growth jumps in positive sign for demand
https://www.businesstimes.com.sg/international/china-s-export-growth-jumps-positive-sign-demand
https://www.straitstimes.com/business/china-s-jan-feb-trade-beats-forecasts-signals-global-trade-rebound
https://www.scmp.com/economy/economic-indicators/article/3254527/china-trade-5-takeaways-january-february-data-exports-made-strong-start-2024
CEOs in Europe strengthening supply chains rather than exit China: Report
https://www.straitstimes.com/business/ceos-in-europe-strengthening-supply-chains-rather-than-exit-china-report
‘Seeing is believing’: Hong Kong launches ‘Financial Mega Event Week’ in major push to attract more foreign investors, business travellers
https://www.scmp.com/business/banking-finance/article/3254573/seeing-believing-hong-kong-launches-financial-mega-event-week-major-push-attract-more-foreign
Hong Kong buyers rush to snap up homes after curbs removed
https://www.businesstimes.com.sg/property/hong-kong-buyers-rush-snap-homes-after-curbs-removed
Hong Kong tax breaks spark condo sales at Henderson Land project
https://www.businesstimes.com.sg/property/hong-kong-tax-breaks-spark-condo-sales-henderson-land-project
https://www.scmp.com/business/article/3254564/hong-kong-property-homebuyers-flock-second-flat-sale-henderson-lands-belgravia-place
Hong Kong property agents expect more big-ticket foreclosures this year
https://www.businesstimes.com.sg/property/hong-kong-property-agents-expect-more-big-ticket-foreclosures-year
Cheapest Hong Kong luxury housing has a major catch
https://www.businesstimes.com.sg/property/cheapest-hong-kong-luxury-housing-has-major-catch
Hong Kong mall owner Wharf Reic looks to stimulate spending with promotions after posting flat profit
https://www.scmp.com/business/article/3254532/hong-kong-mall-owner-wharf-reic-looks-stimulate-spending-promotions-after-posting-flat-profit
Japan Jan household spending logs biggest drop in 35 months
https://www.channelnewsasia.com/business/japan-jan-household-spending-logs-biggest-drop-35-months-4180031
Is Malaysia set to become a global start-up hub soon that can compete with Singapore?
https://www.scmp.com/week-asia/economics/article/3254513/malaysia-set-become-global-start-hub-soon-can-compete-singapore
Thai February consumer confidence at four-year high on support measures, tourism
https://www.businesstimes.com.sg/international/asean/thai-february-consumer-confidence-four-year-high-support-measures-tourism
UK house prices rise for 5th month in a row, says lender Halifax
https://www.businesstimes.com.sg/property/uk-house-prices-rise-5th-month-row-says-lender-halifax
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